After Buffett stepped down, Berkshire Hathaway released its latest financial results: Q1 net profit surged 120%, and cash holdings exceeded $270 billion—a record high. How should we interpret this?

Yesterday afternoon, I just finished transcribing and distilling key insights from the full transcript of the 2026 Berkshire Hathaway Annual Meeting—and also mapped relevant A-share counterparts. Many friends liked that post, so I’ve prepared a reader-friendly version—entirely human-written, with zero AI assistance. 1. The meeting was structured in three segments: (i) an overview of overall performance and new business initiatives; (ii) speeches by the new leadership team and the traditional Q&A session; and (iii) presentations by subsidiary CEOs—primarily GEICO (insurance, a critical source of cash flow), NetJets (the world’s largest private jet operator), and BNSF (a rail logistics-focused company). These three subsidiaries reveal just one facet of BRK’s exceptionally powerful investment portfolio. First is cash flow… Insurance companies generate what amounts to interest-free loans far more aggressively than banks—and still turn a profit. This is why I often emphasize the importance of personal cash flow. (Why do popular stock-market influencers write articles and launch paid subscription circles? From a charitable perspective, they can use article fees to bolster their defensive capacity or add positions.) Second is the direction toward a better life—our investments must reflect this mindset. NetJets serves the affluent, with an extremely sound business model. My own investments in intelligent driving leaders and NVIDIA are likewise grounded in the vision of a better life. Third is ultra-high barriers to entry requiring no repeated capital outlays—e.g., rail logistics. Domestically, investors should assess whether a railway logistics firm competes directly with ultra-high-voltage power transmission infrastructure. In my view, China’s highest-barrier sectors include public utilities like Changdian, and firms like Alibaba and Tencent—whose services have fully permeated daily life, especially payment habits. 2. In his opening remarks, Buffett recounted how he invested $35 billion in Apple ten years ago—and it’s now worth $185 billion. His point: truly outstanding companies possess strong continuity. Henceforth, Greg Abel will be BRK’s Tim Cook. Incidentally, Cook has also stepped down—and attended the meeting in person. 3. Discussions covered insurance, energy & power, industrial metal products, upstream green-energy infrastructure, upstream chemical industry—and the positive impact of AI on cost reduction and operational efficiency across these businesses. For A-share counterparts: insurance remains relatively undervalued; energy & power stocks have already rallied significantly; upstream chemicals (e.g., oil pipeline additives, pneumatic conveying systems, catalysts) remain comparatively cheap. I personally hold a leading firm integrating AI with rail logistics. Most attention went to metal products—specifically precision castings, cutting tools, and specialty steel. The rationale: demand for aircraft and large transport vessels is set to rise. For A-share equivalents, watch for overcapacity—but shipbuilding steel appears promising. Also noteworthy: Boeing Tier-1 suppliers and titanium-alloy firms—down ~40% from recent highs and uncorrelated with the recent commercial spaceflight rally—present some opportunity. 4. Extending from BRK’s investment in Tokyo Marine, Buffett highlighted the importance of insurers with overseas expansion capabilities. Moreover, as AI advances, personal property and information security face mounting threats—potentially triggering explosive growth in insurer earnings. On one hand, AI cuts costs and boosts efficiency for insurers; on the other, it opens new revenue streams. Investors may explore whether any non-life insurers listed on the A-share or Hong Kong markets stand out in this regard. 5. The Q&A session began—and half the questions came from Chinese attendees. The very first question was posed by Buffett himself—to Greg Abel. The two performed a classic ‘A-B role’ exchange. Abel noted that once a company develops redundant bureaucratic layers, its prospects dim significantly.

Bitcoin seems pretty strong lately.

On Thursday, all three major indices closed lower—though the declines were relatively moderate and not overly painful. Bitcoin has performed exceptionally well recently, briefly breaking above $73,000—the highest level since early June. According to CoinGlass data, the cryptocurrency market witnessed massive liquidations over the past 24 hours—predominantly among short positions. On the news front, Trump has recently met with executives from multiple crypto-industry firms—including Coinbase and Robinhood—and continues pushing Congress to accelerate digital asset regulatory legislation. Meanwhile, U.S. regulators have signaled greater openness toward certain crypto asset issuances and securities registration requirements. Taken together, these developments reinforce market expectations of a gradually warming U.S. crypto regulatory environment—fueling broad-based rallies across crypto assets and related equities. …The Middle East situation has heated up—yet again… Trump stated that Iran missed its chance to reach a deal, and the U.S. will impose harsher economic measures—warning other countries and institutions against continuing support for Iran. This dashes prior market hopes for a swift de-escalation in the region. Its biggest market impact remains on oil prices and inflation. 1. Walmart plunged 9.15%, with its price chart showing a clear technical breakdown. Yet its latest earnings report wasn’t actually poor. Its Q2 revenue reached $187.94 billion—up 5.9% year-on-year and exceeding market expectations. Adjusted EPS stood at $0.81, also beating forecasts. E-commerce sales rose 23%; advertising revenue jumped 38%—all solid figures. The issue lies in same-store sales: Walmart’s U.S. same-store sales grew only 2.6% year-on-year—well below the 3.8% consensus expectation. The gap is quite notable. Many readers may not be familiar with the term 'same-store sales'.

Braskem SA (BAK) Q2 2024 Earnings Report - Results, Call & Slides

Jul 20, 2026

Braskem SA reported Q2 2024 earnings, beating revenue expectations at $3.66 billion while missing EPS estimates by $0.63. The financial results were announced on August 8, 2024.

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